It truly is the Perfect Storm. And there’s no insurance for this storm.
Incomes are dropping. Unemployment – and people who’ve totally given up and stopped even looking for jobs – are increasing. And healthcare costs are skyrocketing. (And, of course, as we age, they’ll continue to climb.) It’s the perfect recipe for the Perfect Storm.
And, for many Baby Boomers, tragically, the Perfect Storm is coming.
More than a third of retired Boomers are concerned they’re going to run out of money, and as a result, will have to rely on Social Security as their main source of income. And more than half of working Boomers believe that’s their fate. Chilling, isn’t it…since we’re hearing more and more that Social Security is in trouble?
It isn’t only our bank/savings accounts that have suffered from The Great Recession. It’s something even potentially more far-reaching – our sense of confidence. Many Americans – perhaps most Americans – will never again feel confident being in the stock market. And even though advisors say the market is the best way to grow your savings, most of us are putting money into it very reluctantly.
Remember Franklin Roosevelt’s famous quote: “We have nothing to fear but fear itself?” Well, that’s probably never been more true of Americans. Because, let’s face it, we’ll never forget those horrible days of 2007-2009. And we’ll probably never again be free of the fear that it could happen again.
In fact, a majority of us think a market “correction” in the near-future is a distinct possibility. Which means, tragically, that these figures about how unprepared we are for retirement will get even worse.
Interestingly, however, even though more than half of Americans fear they’ll be broke in retirement…yet aren’t willing to cut back on their lifestyles. And that, my friends, is really chilling!
Are you going to outlive your money? And if you think there’s a possibility of that happening…what are you doing about it?
Are you seeking help from an Elder Law attorney who can help prepare you for the future?
